Plus: Escape the cold in Palm Springs.
 
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Today’s Forecast

27º | Mostly sunny | 3% chance of wintry mix | Sunrise 7:47 a.m. | Sunset 4:53 p.m.
 

🏡 Lower interest rates? Raise the roof
An aerial shot shows a new neighborhood with a playground and outdoor recreation center nearly completed in Pleasant Valley, a neighborhood in Gresham.
What will 2024 bring to Portland and its suburbs? | Photo by @cityofgresham
Portland’s real estate market in 2023 was tough... for just about everybody. According to RMLS figures, the value of total sales in the metro area fell from $17.1 billion in 2022 to $12.3 billion, with both buyers and sellers withdrawing and ultimately leading to less transactions. By zooming in further, the picture becomes even clearer.

Nicholas Swann, a broker with Windermere Realty Trust, explained, “In a testament to the resiliency of the local housing market, the average sales price only dropped around 2.1% from 2022 despite mortgage interest rates climbing to nearly 8%,” he said. “The highest rates have been since the summer of 2000.”

As we look ahead, many are wondering if those dreadful interest rates will remain astronomical. In short, the answer’s no.

Rates to reverse course

Recently, mortgage interest rates lowered to 6.5%, setting up the first “normal” market in Portland since 2019. How does this translate to buyers and sellers? “The very best homes will still be getting multiple offers and above-asking price bids, but other homes will linger,” Swann said. “Buyers willing to look past the clutter will find some deals and sellers are much more willing to give concessions on price, interest rate buy-downs, and repairs.”

Seasons will also hold more sway, with high prices showing in the spring, followed by a late-summer cool down and stability in the fall. If interest rates duck below 6%, an imbalance might develop with more buyers entering the market and greater price increases.

The exterior of a renovated Mid-Century home shows white paint and warm wood from the garage door to accents on the patio.

Bridlemile is another SW Portland neighborhood where buyers could look to upgrade; this mid-century house was listed at $1,375,000.

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Photo by @livingroomrealty

Hot spots to watch

Several attractive areas on Portland’s periphery will entice first-time buyers with entry-level homes; places like St. Johns, Cedar Hills, and Milwaukie will offer more “bang for the buck.”

There will also be opportunities for “move-up buyers” in Southwest Portland neighborhoods like Garden Home and Raleigh Hills, where larger lots and square footage are available at better prices than comparable properties east of the Willamette River. Condos could also see sizable discounts compared to years past.
Popular houses + renting ripples
 
Events
Monday, Jan. 15
  • “The Canote Twins” | Monday, Jan. 15 | 1-4 p.m. | Clinton Street Theater, 2522 SE Clinton St., Portland | Free | Enjoy this screening of a documentary about identical brothers who have been playing music together for 70+ years.
  • Portland Winterhawks vs. Kamloops Blazers | Monday, Jan. 15 | 2 p.m. | Veterans Memorial Coliseum, 300 N. Ramsay Way, Portland | $28.50+ | Chances are it will be warmer inside the ice rink.
Tuesday, Jan. 16
  • A Norman Cidermaker’s Feast | Tuesday, Jan. 16 | 7-9 p.m. | Bauman’s Cider, 930 SE Oak St., Portland | $25 | Indulge in a dinner inspired by the dishes of Normandy, France, prepared with the best bounty the PNW has to offer.
Wednesday, Jan. 17
Thursday, Jan. 18
  • Dry Alchemy | Thursday, Jan. 18 | 6-8 p.m. | Abigail Hall, 813 SW Alder St., Portland | Price of purchase | The sober-curious are invited to sip delightful non-alcoholic cocktails from Wilderton, experience tarot readings by Psychic Sister, nibble on bites, and vibe with the live DJ.
Events calendar here
Click here to have your event featured.
 
News Notes
Community
  • Upwards of 132,000 people lost power over the weekend as a result of the winter storm. Portland General Electric and Pacific Power customers can reference their respective outage maps for status updates as crews work to restore electricity to homes. (The Oregonian/Oregon Live)
Real Estate
  • Properties with pickleball courts are a hot commodity these days, much like the sport itself, which has 50 million players in the US. Just look at this riverside, gated estate in West Linn that also features a glass-wrapped wine room and boat dock. You’ll know where to find us if we win the lottery. (The Oregonian/Oregon Live)
Feel Good
  • Willamette Week announced that its 2023 Give!Guide raised just under $8.36 million for 250 local nonprofits — the highest total ever raised by the annual campaign, on its 20th anniversary no less. Breaking it down further, 16,639 people made 65,277 donations. Well done, everyone. (Willamette Week)
Eat
  • Have you ever wondered if eating duck is all it’s quacked up to be? Eater Portland editor Brooke Jackson-Glidden shared some of the best dishes that incorporate the poultry, from the duck confit at Bergerac to the Cantonese roast duck at Fortune BBQ Noodle House. (Eater Portland)
Health
  • Multiple cases of measles in Southwest Washington have local health officials on high alert. Multnomah County health officer Dr. Richard Bruno said the risk to the general public “is low” and there are no known cases in Portland’s tri-county area. Symptoms include high fever, cough, runny nose, watery eyes, and a rash. (KOIN)
Community
Giveaway
  • Make a donation toward veterans’ and children’s charities + you could win a RAM 3500 HD truck in the Big Diesel Truck Dream Giveaway. Double your entries with code 6AMCITY.*
Wellness
Travel

☀️ Live your snowbird dream

Great Escapes: Our guide to Palm Springs, CA
A home in Palm Springs, CA

Palm Springs is known for its mid-century modern architecture.

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Photo by @helenehavard_travel

Cold weather got you down? Make like Hollywood royalty and head to Palm Springs, where the average high from December to February is ~70°.

Act like a local:

  • Food: Head to Tac/Quila and pair a Jalisco Mule (tequila, lime and watermelon juices, simple syrup, ginger beer, and mint) with the Stuffed Guerito Peppers, made with chorizo, Oaxaca cheese, and chipotle mayo.
  • Drink: Stop by the RetroRoom Lounge to show off your karaoke skills.
  • Outdoors: Hike through Joshua Tree National Park where you can explore the beauty of the desert’s flora and fauna.
  • Learn: Check out the Palm Springs Air Museum and see its latest exhibit — Walt Disney’s Grumman Gulfstream I plane.
  • Explore: Use the Palm Springs Aerial Tramway to get an unrivaled view of the region.

Where to stay:
The Buy

The Buy 1.15.23 (Affiliate + Six & Main)
Kitsch’s rice bar shampoo and conditioner. Reviewers noticed touchably soft hair and even improvements in hair loss, plus the bar is plastic-free thanks to its intelligently concentrated design.
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The Wrap
 

Today’s edition by:
Ben
From the editor
My heart goes out to all the people whose homes were damaged by falling trees over the weekend. I saw a lot of destruction around my neighborhood during my walk yesterday. Even though the wind has died down, local arborists expect more trees to fall in the weeks to come. Stay safe out there.
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